Caution has to be maintained as expect a sharp intra-day volatility.
The market may witness cautious trend as US indices ended on a flat note yesterday and Asian indices are exhibiting upward trends in morning trades. Although the bias remains positive, investors should maintain caution as profit-taking at higher levels may pull down the market. Among the local indices the Nifty could test 4900 on the downside while on the upper side it may move up to 5000. The Sensex has a likely support at 16457 and may face resistance at 16900.
US indices finished on a flate note on Tuesday. While the Dow Jones ended in negative at 12259 declined by 7 points, the Nasdaq down by 13 points at 2259.
Indian floats trading on the US bourses were traded mixed. Dr Reddy was the lead performer and soared 1.40% while VSNL rose over 0.81% and Tata Motors gained nearly 0.50% each. However, Infosys, Satyam, Patni Computers, ICICI Bank, MTNL and HDFC Bank ended with steady losses.
Crude oil prices inched higher in the US market, with the Nymex light crude oil for April 08 delivery adding 61 cents to close at $102.45 a barrel. In the commodity space, the Comex gold for April 08 series raised $9.20 to settle at $984.20.
Daily trend of FII/MF investment in equities On Feb 29 2008, FIIs were net sellers of stocks to the tune of Rs 244.10 crore (purchases worth Rs3800.90 crore and sales of Rs4045.00 crore).
A look at the Indian ADRs
Company Name
Last Close ($)
% Change
Infosys
38.21
-1.82
Satyam
24.57
-1.64
Wipro
11.54
0.00
Dr.Reddy's
14.51
1.40
Tata Motors
17.60
0.46
ICICI Bank
50.28
-3.01
HDFC Bank
103.69
-4.97
MTNL
5.78
-5.40
VSNL (TCL)*
25.00
0.81
Rediff
8.30
-2.58
Patni Computer
11.47
-5.28
(Indian ADRs: Indian companies listed on the New York Stock Exchange)
To know more about our products and services, click here.
Note: If you are getting the Pre-market Report later than usual for some reason, you can access it on our website Sharekhan.com in the Live Markets section in two parts at 9:30am and 9:45am.
"This document has been prepared by Sharekhan Ltd. This Document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited. Kindly note that this document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. SHAREKHAN will not treat recipients as customers by virtue of their receiving this report. The information contained herein is from publicly available data or other sources believed to be reliable. While we would endeavour to update the information herein on reasonable basis, SHAREKHAN, its subsidiaries and associated companies, their directors and employees ("SHAREKHAN and affiliates") are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other reasons that may prevent SHAREKHAN and affiliates from doing so. We do not represent that information contained herein is accurate or complete and it should not be relied upon as such. This document is prepared for assistance only and is not intended to be and must not alone betaken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. We do not undertake to advise you as to any change of our views. Affiliates of Sharekhan may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject SHAREKHAN and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. SHAREKHAN & affiliates may have used the information set forth herein before publication and may have positions in, may from time to time purchase or sell or may be materially interested in any of the securities mentioned or related securities. SHAREKHAN may from time to time solicit from, or perform investment banking, or other services for, any company mentioned herein. Without limiting any of the foregoing, in no event shall SHAREKHAN, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. Any comments or statements made herein are those of the analyst and do not necessarily reflect those of SHAREKHAN."
